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Johor Corp's Al-Salam REIT oversubscribed

KUALA LUMPUR (Sept 21): Al-Salam Real Estate Investment Trust (Al-Salam REIT) received 2,442 applications for 45.92 million units for the public portion of its initial public offering (IPO).

In a statement today, Al-Salam REIT said 11.6 million units were available for public subscription.

IPO involves the sale of 252.36 million new units at RM1 each. Under the IPO, 11.6 million units were allocated for the Malaysian public, while the private placemet portion comprises 240.76 million units.

Al-Salam REIT is seeking a listing of 580 million units on Bursa Malaysia's Main Market this Sept 29. The issued base translates into a market capitalisation of RM580 million based on its RM1 IPO price.

RHB and Maybank Investment Bank Bhd are joint placement agents for the IPO.

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